Posted on: September 25, 2020

Let’s set one very common misconception people have about wholesaling straight: that it’s all about real estate and closing deals. Wrong! The truth of the matter is, wholesaling has NOTHING to do with real estate. At its core, it is all about SERVING others.

In this episode, no less than our own Cody Hofhine shared the wholesaling mindset that has helped him generate millions of dollars in revenue. He also shared what you can do to stand out when you are competing with others for a specific deal.

The secrets Cody shared in this episode can mean the difference between staying stuck and getting ahead of the pack, so please don’t miss it!

Key Takeaways

  • Why you shouldn’t worry about the deal
  • One big secret that can make your business serve you
  • The importance of building rapport
  • Why it pays to have fun
  • Easy ways to connect with your leads
  • What your mindset should be when you’re worried about the deal
  • How to stand out from the competition

RESOURCES:

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Episode Transcription

Cody Hofhine:
Hey guys, Cody Hofhine with Wholesaling Inc., the number one wholesaling coaching program in the nation, and let’s get down to business right now. Wholesaling guys, has nothing to do with real estate. So many times we’re thinking about the deal, the deal, the deal, the deal. I’m here to tell you, if you’re worried and focused about just the deal, the deal, the deal, this will forever be a struggling job for those that are just worried about the deal. Those that have turned this into an actual business that serves them versus you always have to serve it, are always struggling finding that next deal. Those that are able to turn that around and make it serve them, have found out this one big secret. And that is, it’s all about rapport. It’s all about building those relationships of trust. And I’m going to share two stories right this second, of how you can do that, that I’ve done real time with people.
Now just about 2016, I was out in Memphis, Tennessee. I was out there doing our first tribe event. There wasn’t many people there, is about 30 of us, and we’re in this top of a, I want to say it’s like a real estate agency. We’re on the top floor. It was so hot. We were all sweating. The AC didn’t work great. It was awful. But it was super, super fun because we got to sit there, 30 of us and just talk shop, talk wholesaling. And one of the new students of the tribe, he had just come up and he was like, “Oh, during our break, I just got this phone call. Sounds like a really good phone call. But dude, I don’t dare to get on the phone. I don’t know what to do with this.” I said, “Don’t worry about it. Let’s have some fun. Let’s do this.” So the first tip I’m going to share with you and I’m going to share this story is, have fun with your leads.
It’s all about bringing some humor, bringing some laughter. That humor and that laughter changes chemistry in the body. So I want you to remember this and I’m going to share a story on how you can do stuff like this. So there’s 30 of us in a room and I said, “Hey guys, you’re going to have to be completely silent because I’m going to take a call right now, live on speaker. And I’m going to show you exactly how to… I’ll role play this, on what you need to do so that you can go out and get deals.” And everyone’s like, “Okay.” And I said, “Now guys, I’m serious, you got to be quiet. I’m going to say things possibly that’ll make them laugh. You guys can’t laugh. You got to stay quiet the whole time.” So I pick up the phone. By the way, the lady’s name was Eunice, okay?
Eunice was from Oklahoma. So pick up the phone, start dialing, Eunice answers. I said, “Eunice. Hey, I got your voicemail just a second ago. And I wanted to reach out to you because it sounds like there might be a way I can help you out.” So Eunice started talking. She’s like, “Yeah, it’s so frustrating. I own this rental and things are going so bad. It’s a condo and the person hasn’t paid rent in six months. And I know they’re trashing it. I told them they couldn’t have pets. And I’ve seen two or three dogs now in there. And it’s so frustrating. They don’t answer the phone. I don’t know what to do. I don’t know what the eviction process looks like. How can I get your help?”
I said, “Oh my goodness. Eunice, are you calling me to… Hopefully that I buy your home? Or are you calling about my other service, where I’m just a head hunter and I’ll just take out people?” She starts laughing her head off. She’s like, “That’s the one. Let’s do that one. Let’s do the head hunter business.” I’m like, “Okay, Eunice. I’m just kidding. So what do you want me to do?” So we’re both laughing now. We’re both engaging. And I will tell you guys, humor and laughter is an easy way to start connecting with your leads. So use humor, use laughter, smile on the phone. They can see your smile. I know people are like, “Oh, but if I’m smiling over here, they won’t see it.”
I’m telling you. I can tell every single time when someone’s smiling. Bring humor, bring laughter, bring a smile to each one of your calls. This ended up being where I said, “Hey, so what do you want me to do? How can I be of best service?” It ended up setting up a big old conversation about what she’s looking to accomplish. I ended up by saying, “Hey listen, Eunice. Here’s the thing. I’m going to have Justin,” because it wasn’t my lead. “I’m going to have Justin come visit you in the next couple of days. And he’s going to come visit you, look at this condo. And here’s the thing. We will do our absolute best to try and help you out. And whether that means we buy it or not, we’re going to come out there and hopefully we can be a fit and I’ll buy it. But if not, we’re still going to sit there and find a way to help you so that you don’t get left behind. We will find out who is the best fit, if we’re not a best fit.”
She was just so grateful. She’s like, “Oh my gosh, I don’t even want anyone else to come out to the home then. Either you’re going to be buying it, or you’re still going to be sitting there with me and helping me to understand who should buy the home.” So, that’s the thing. You can kill the competition by just serving people. “Eunice, I’m either going to buy the home or I’m going to sit there and figure out what is your best option.” That was enough for her to say, “I’m just going to wait for you guys to come out and see what you can do.” Justin ended up getting that home under contract for $15,000 and turned around and whole sold it for $30,000. That is a win. And it was a win for Eunice as well, because she was able to get rid of that huge problem that was in her life. That’s one way of doing, building rapport, making sure you add humor, make sure you add laughter, make sure you’re smiling.
The next one is an individual that’s right here in my own market, is one of our leads, came in, I took the phone call, this is at the early stages before I had a team in place. And I started talking to this lady and she’s like, “Yeah, I’ve got 10 postcards here of people wanting to buy my house. I do want to sell, I do want to sell quick.” I said, “Okay, what does that look like? If it’s something that I can come out and if we can put together a win solution for you and a win solution for me, is that something we could move forward on today?” And she says, “No. You know what? I’ve already picked five of those postcards out. You’re one of them. And two of them have actually been to my house. So I still have two more, but I want all five of you because I want to find out what is going to be the best offer.”
I said, “Okay, that’s fair enough.” We started talking some more. So I already know that she wants five quotes, but I’m going to verify, that if I came out there and found a win solution, could I come out there and do it again? So we started talking a little bit more, started talking about why she’s selling? What does the home look like? Has it been fixed up? Is there any repairs needed? We’re started talking. I said, “So tell me this. If I come out there today, is this something that if we can put together a price that makes sense, that you’d be willing to move forward?”
She says, “No, because only two have come, two more are going to come, and then there’s you. And I do want all five.” I said, “Okay, fair enough.” So I asked that question twice. Now I know that I don’t want to be one, two, three, or four. I want to be the fifth person out there. And I’ll tell you why here. So I said, “When are the other two coming out?” She says, “They’re coming out today. The last one’s at four o’clock. So there’ll be here till about 4:30.”
I said, “Cool. What if I come about 5:00 PM tonight? And we’ll get this all out of your way, so it’s all done in one day?” She says, “Awesome. That’d be perfect.” So I go out, five o’clock I’m the fifth one she’s already answered. And I also said, “So if these guys come out and they present something to you, you’re not accepting their offers, you’re going to wait for me to come out?” She says, “Yeah, I need to hear all five.” I said, “Perfect. I’ll be out there at five.” Now here’s the mindset guys. If you’re worried about the deal, all you have to offer is price, price, price, price, price, that’s it. Don’t worry about the deal. Worry about solving the individual’s problems. Be a solution to these individuals. And you’ll find out that they will want to do business with you over all the competition that went out there earlier.
So my whole focus was how can I connect with this individual? Because price, I don’t want to sit there and just bid up, bid up, bid up, bid up. How do I just connect with this person so that they want to do business with me? So I went in there, we started talking and she’s like, “So where do you want to start? What home do you want to look at, or what part of the home you want to look at right now?” And I said, “You know what, actually tell me a little bit about just your story. What is it that you’re trying to accomplish with this?” And I started to get to know her. She was sharing that her husband had just recently passed away. That her kids are out of state and she wants to now move out of state, so she can be by her kids and be closer.
She was sharing that this home was the home of their dreams when they first bought it. And that they used the backyard for gatherings. I said, “Awesome. Let’s look at the backyard.” And we’re looking, there’s a walkout basement, we’re overlooking the backyard. And I just sat there. I said, “Oh my gosh, this would be a perfect place for backyard gatherings. This is beautiful.” And she’s like, “Oh my goodness. See down there in the circle down below? We would also play baseball down there as a family. We’d play whiffle ball.” And I was like, “Oh my gosh, it’s amazing. And do you guys have a barbecue? Would you do barbecue?” She’s like, “Yeah, in fact that’s under the deck. You just can’t see it, but there’s a barbecue down there.” And so all I did is I just didn’t even focus about the home.
I didn’t care about how many bedrooms, how many bathrooms, when was the last remodel? What needs to be fixed? I asked nothing about the home. All I cared about was the homeowner. That’s it. We started talking a little more. I said, “So what are you hoping to accomplish? Are you looking to look for a condo? Where are you going to move?” “Well,” and ended up being, they’re moving to Arizona. So I said, “Awesome. Now you better find something with a nice AC unit because it gets super hot during the summer.” Guys notice, I never once talked about the home yet. All I’ve talked about is her and helping her and just connecting with her. That’s all I did. And as we went and talked and talked and talked, it got to about an hour and 15 minutes and she says, “So do you like the home? Is it even something you want to see?”
And I said, “You know what? I really wanted to find out how I can best serve you. Because at the end of the day, my gut tells me all five of us are probably around the same price. And so I didn’t want to just do this bidding war. I figured since we’re all probably the same price, I just wanted to find the best way to serve you so that I can help you the most so that you can accomplish what it is you want to accomplish.” From that conversation. She says, “Well, I’ll tell ya. The highest bid was $240,000. And if you just bid $240,000, I’d move forward with you.” And I asked her, I said, “What would have you move forward with me versus the other people?” She says, “The one individual came out and she told me, “You have to sign on the spot or I walk in five seconds.”
And so I said, “Okay, walk.” And so the first one was gone. The other three, all they cared about was the deal, the home, how many beds and baths, how much to fix it up. All they cared about was the home, the home, the home. She says you were the first, one of five guys, one of five, that actually cared about her and asked questions about her and got to know her. Because of that, she chose to do business with me and told me the exact price that I need to be at to get that agreement put together. If you can find ways to connect with individuals through humor, through laughter, through smiling, through getting to know them and not about the home, because it’s not about the home, it’s about the individual. If you can do your deals this way each and every time and keep it on front of site, front of mind, to not worry about the home, worry about the homeowner, you will do more business and you will take business from all the other so-called competition or other wholesalers or other investors, because you simply do business different.
It’s all about rapport. It’s all about relationships. Now, guys, this podcast is only as good as the action you take following it. It’s not something you just listen to and get all of warm and fuzzy and be like, “Aw, man, I got to get in this real estate game.” The only way to get involved to get in it is get out of your own way and actually take action. If you need help building your wholesaling business, you can go over to wholesalinginc.com, you can book out a time to get on the phone with either myself or someone on my team where we can begin to just have the conversation to see if we’re a good fit for one another. And if so, we’ll get you to be part of the tribe and get you well on a way to doing your first deal or your next deal. And until next time guys, keep charging forward, taking massive imperfect action and go find your next deal. Take care.

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